In recent years, the world has become a global village, wired by artificial intelligence (AI) and machine learning (ML). This bond is greased by data mining that keeps the machine running without frictional force. 

According to data scientists, the amount of digital information increases tenfold every five years. As we face the complexities of economic growth and development, the importance of data mining cannot be overstated. 

The onus is upon the national statistics’ agencies, such as the Namibia Statistics Agency, to mine the right data at the right time to inform decision-makers in the economy to make strategic decisions, yet protect the sovereignty of the State’s performance. 

In sub-elementary terms, data mining simply means extracting useful information from large datasets, revealing patterns and trends that inform strategic decisions. 

In a modern era where businesses, governments and institutions generate and collect large amounts of data, the ability to analyse this information effectively is paramount in a country like Namibia, which is in a developing stage. 

To take you back, imagine yourself in high school in an English class, where you are given a case study test with the purpose of reading and answering the question. 

An A student will read it through and utilise effective reading strategies, such as skimming for key and scanning for relevant data. In addition, connect information from the case study to prior knowledge and real-world application. 

A B student reads in a more linear fashion, without strategic emphasis on the key information, reading in a more fragmented way, which eventually makes it awkward
to connect new information with existing ones. 

The above scenario depicts how the same data and information can be fabricated into different forms that in the end yield different results. 

In the same vein, wherever you go in the modern store for shopping, be it buying a product or taking it on hire-purchase, there is an electronic capture of data for future use.

Data mining influences collaboration between the public and private sectors in encouraging knowledge-sharing and  resource pooling. 

Therefore, economic policies, market strategies and developmental initiatives in Namibia should no longer rely solely on intuition or irrational or conservative philosophies imported to push back our African Agenda at the receiving end, but for whatever reason, they must be grounded in robust, data-driven insights. Countries such as the US, China, Estonia, Singapore, Germany, and South Korea’s success is harnessed by data mining and AI.

As AI evolves, data is now at our disposal, and may present both opportunities
and challenges if not properly cultivated, to avoid policymakers manipulating the numbers to garner support during campaigns every five years. It must be used to catalyse decisions, strategies  and policy reforms for sustainable economic progress. 

In the age of AI, recalibrating the power of data mining is no longer an option; it should be treated as immunity to pressing challenges. Over and above properly- leveraged, data mining can drive informed decisions, enhance policy formulation in addressing the needs, and ultimately bring about the economics that intersect with the crisis demand.

*Tio Nakasole is a final year MBA student at the Namibia University of Science and Technology. The views expressed here do not represent those of his employer.